Alipay, the payment services affiliate of Alibaba, paid a reported $500m for the stake, an investment likely to clear the path for an initial public offering.
Ant Financial Services, the online payment affiliate of e-commerce company Alibaba, acquired a 25% share of India-based mobile payment company One97 Communications yesterday.
China-based Ant, better known as Alipay, has not disclosed how much it paid for the stake, but a source told Reuters that its investment was upwards of $500m, and labelled the funding as a ‘precursor’ for an initial public offering by One97.
One97 provides a range of online services but is best known for its mobile payment…
